Sewergate, I have posted about as much as you have on this CB and much more frequently on the FNF CB which I own a sizable position in so what is your point? I don't own ORI because FNF, FAF and STC have been better shorter/longer term investments than ORI.
FNF especially has been the best of the breed with their strong stock appreciation, fat dividend (5.10%) and numerous stock splits and tax free spin offs the past 10 years. ORI is dead money and the dividend is half as good as FNF.
You can't directly compare FNF to ORI since the large multi billion spin off (almost $4.0 Billion) of FIS (Fidelity Information Systems)that just happened in the 4th Quarter of last year. FNF though is not a title "pure play" as many think. The are involved in many other RE related businesses including their Sedgwick company they own which is a leading provider of outsourced insurance claims management services to large corporate and public sector entities. Sedgwick will soon be a $1 Billion company with aggressive plans to grow with profitable gross profit margins that will further reduce the % of FNF's cyclical title insurance business. Unless, Bill Foley decides to merge or buy another large title insurance company (like he did with Chicago Title) to increase top line revenues and market share. The FTC might have an issue but don't underestimate Bill Foley. His track record is hard to argue against.
My point is unless you work for ORI and get company matched $$$$ through a 401-k or ESPP, you could do much better with FNF.